Japan’s Hisamitsu a pharmaceuticals and health goods manufacturer, has announced the purchase of US Miami-based Noven Pharmaceuticals for $430m.

The venture to make Noven a wholly owned subsidiary is part of Hisamitsu’s goal of growing its presence in the US.

Hisamitsu will pay $16.50 for each Noven share, representing a 38% premium on Noven’s 50-day moving average share price of $11.95.

The deal would make Noven a wholly owned subsidiary when completed in August, raising Hisamitsu’s stake in the firm up from its current 4.98% stake.

Noven, which specialises in hormone therapies for women as well as drug delivery patches, will name Jeffrey Eisenberg as president and chief executive and will remain a standalone business.

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By GlobalData